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JV Buys Central Loop Office Tower

CHICAGO-Golub & Co. and Quinlan Private purchase a 480,000-sf office tower in the city's financial district. Despite the building's 82% occupancy rate, Golub's CEO remains optimistic about the tower's long-term results.

By Dana Dubriwny | Updated on April 27, 2005

CHICAGO-Chicago-based Golub & Co. and Dublin-based Quinlan Private have entered into a joint agreement to purchase the 28-story, 480,000-sf office tower at Washington and Franklin streets in the city’s Central Loop. Though Golub president and CEO Michael Newman could not disclose the sale price, the building is valued at $86 million.

The tower is set in Chicago’s financial district at 225 W. Washington St. and is home to several renowned law firms, hedge funds and serves as the Marmon Group headquarters.

Yet, with the building also comes steep hurdles. In the last 18 months, several companies have vacated their dated offices in the financial district for newer, larger, technology-enabled space in the booming West Loop. With the building’s occupancy rate leveling out at 82%–despite being located less than two blocks from the West Loop corridor–Newman admits there is challenging work ahead.

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